Dismantled property shark network that harassed elderly residents in Madrid to force them from their homes
National Police arrested four people in May linked to two real estate investment companies for alleged harassment, coercion and damage against elderly property owners and tenants.
Dismantled property shark network that harassed elderly residents in Madrid to force them from their homes
Officers from the National Police arrested four individuals in May for property harassment, coercion and damage in the Pilar neighbourhood, in Madrid's Fuencarral-El Pardo district. Two of those arrested, José María G. and David V., are listed as administrators of the companies Saint George Investment and EON Capital, which are dedicated to property acquisition and value appreciation. The other two, Fouad G. and Mohamed E., of Moroccan nationality, are alleged to have been hired to carry out the intimidation activities.
The investigation began following complaints filed by several neighbours, including an 88-year-old woman who has owned her home since 1971 and a couple of tenants with an old-rent contract. According to the victims' account, the alleged members of the network would show up at homes claiming to be the legitimate owners and threatening to evict them "by hook or by crook".
The modus operandi of the companies consisted of locating flats built in the 1970s by developer José Banús that were never registered in the Property Register. Taking advantage of the fact that the construction company entered administration in 2012, these companies acquired the properties in asset liquidation processes, despite many having been sold decades earlier. They promised their investors returns exceeding 20 per cent.
The abuses complained of included cutting off electricity supply by ripping out cables, blocking locks with silicone, adhesive notes claiming ownership and other actions aimed at forcing abandonment of the homes. The Police attribute numerous criminal acts of this type to those arrested.
Source: ABC
Source: ABC